Packaging Corporation of America

PKG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$18,556	$20,218	$14,601	$11,836	$12,933	$13,100	$10,638	$7,928	$11,451	$8,057	$5,989	$7,571	$6,112	$3,709	$2,506	$2,628	$2,337	$1,383	$2,946	$2,290	$2,463	$2,505	$2,287	$1,916	$1,929	$1,687	$1,105	$1,135
Enterprise value	$22,320	$22,202	$16,632	$14,224	$14,960	$14,758	$12,605	$10,069	$13,885	$10,485	$8,125	$9,825	$8,493	$4,321	$3,180	$3,112	$2,757	$1,915	$3,396	$2,893	$3,046	$2,986	$2,813	$2,527	$2,642	$2,548	$2,425	$1,153
P/E (TTM) at period end	24.13×	25.29×	19.24×	11.58×	15.49×	28.64×	15.39×	10.83×	17.27×	18.10×	13.88×	19.57×	13.85×	23.15×	15.86×	12.79×	8.79×	10.20×	17.33×	18.31×	46.83×	36.44×	–	39.77×	18.13×	10.42×	27.29×	15.90×
P/S (TTM) at period end	2.06×	2.41×	1.87×	1.40×	1.67×	1.97×	1.53×	1.13×	1.78×	1.39×	1.04×	1.29×	1.67×	1.30×	0.96×	1.08×	1.09×	0.59×	1.27×	1.05×	1.24×	1.33×	1.32×	1.10×	1.08×	0.88×	0.84×	0.72×
P/B at period end	4.04×	4.59×	3.65×	3.23×	3.59×	4.04×	3.46×	2.97×	5.25×	4.58×	3.67×	4.98×	4.50×	3.68×	2.58×	2.50×	2.60×	2.02×	3.87×	3.31×	3.61×	3.06×	2.87×	2.41×	2.51×	2.45×	2.13×	1.25×
EV / EBITDA (TTM)	12.68×	13.65×	10.44×	7.58×	9.02×	13.02×	8.75×	6.81×	10.49×	9.19×	7.34×	9.07×	12.42×	7.10×	7.27×	9.11×	5.47×	4.92×	7.73×	7.65×	11.10×	9.95×	11.00×	8.46×	6.60×	5.17×	8.27×	5.64×
EV / Sales (TTM)	2.48×	2.65×	2.13×	1.68×	1.94×	2.22×	1.81×	1.44×	2.15×	1.81×	1.42×	1.68×	2.32×	1.52×	1.21×	1.28×	1.28×	0.81×	1.47×	1.32×	1.53×	1.58×	1.62×	1.46×	1.48×	1.33×	1.84×	0.73×
Returns
Return on equity	16.7%	18.2%	19.0%	27.9%	23.1%	14.1%	22.5%	27.4%	30.4%	25.3%	26.4%	25.4%	32.5%	15.9%	16.3%	19.6%	29.6%	19.8%	22.4%	18.1%	7.7%	8.4%	(1.8%)	6.1%	13.8%	23.6%	7.8%	7.9%
Return on invested capital	9.9%	12.8%	12.4%	17.5%	16.5%	10.5%	15.6%	16.9%	16.3%	12.2%	13.1%	11.9%	12.9%	11.5%	10.8%	12.1%	22.4%	12.8%	15.4%	11.2%	5.5%	6.7%	4.2%	6.4%	10.5%	13.4%	5.5%	7.1%
Dividend yield	2.4%	2.2%	3.1%	3.6%	2.9%	2.3%	2.8%	3.4%	2.1%	2.7%	3.4%	2.1%	1.8%	3.2%	3.0%	2.4%	3.3%	9.0%	3.6%	4.6%	3.9%	1.2%	–	–	–	–	–	–
Financial health
Current ratio	3.17×	3.23×	2.57×	2.86×	3.09×	3.51×	3.42×	3.05×	2.30×	2.71×	2.77×	2.46×	2.32×	3.73×	2.16×	1.98×	2.39×	1.75×	1.30×	1.67×	1.49×	2.02×	1.65×	1.72×	2.34×	1.85×	1.77×	1.48×
Debt / equity	0.87×	0.56×	0.72×	0.67×	0.69×	0.76×	0.81×	0.93×	1.21×	1.50×	1.41×	1.55×	1.88×	0.79×	0.83×	0.63×	0.73×	0.96×	0.89×	0.99×	1.02×	0.85×	0.88×	0.93×	1.03×	1.26×	2.56×	0.02×
Effective tax rate	24.7%	24.4%	24.5%	24.5%	24.1%	27.1%	24.1%	24.0%	19.3%	34.7%	34.3%	36.1%	(4.2%)	57.2%	35.1%	(34.2%)	16.1%	35.5%	36.5%	35.8%	40.2%	38.0%	42.3%	37.9%	38.7%	39.8%	44.0%	39.9%
Share count
Diluted shares outstanding	90	90	90	93	94	94	94	94	94	94	97	97	98	98	100	103	102	104	105	104	108	108	105	107	109	105	98	95

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$9,823	$8,989	$8,383	$7,802	$8,478	$7,730	$6,658	$6,964	$7,015	$6,445	$5,779	$5,742	$5,853	$3,665	$2,844	$2,620	$2,436	$2,148	$2,360	$2,316	$2,187	$1,994	$1,890	$1,736	$1,736	$1,790	$1,922	$1,317	$1,571
Cost of revenue	($7,806)	($7,100)	($6,600)	($6,104)	($6,387)	($5,857)	($5,289)	($5,320)	($5,369)	($4,973)	($4,503)	($4,534)	($4,623)	($2,798)	($2,209)	($2,077)	($1,903)	($1,721)	($1,869)	($1,791)	($1,743)	($1,687)	($1,592)	($1,438)	($1,411)	($1,372)	($1,274)	($916)	($1,195)
Gross profit	$2,017	$1,890	$1,783	$1,699	$2,091	$1,873	$1,369	$1,644	$1,645	$1,471	$1,276	$1,208	$1,230	$868	$635	$543	$532	$427	$491	$525	$444	$307	$298	$298	$325	$418	$648	$401	$376
Operating expenses
Research and development	–	–	–	–	–	($14)	($16)	($16)	($14)	($13)	($13)	($13)	($12)	($12)	($11)	($12)	($11)	($9)	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($708)	($634)	($610)	($581)	($609)	($577)	($540)	($558)	($536)	($520)	($468)	($451)	($470)	($327)	($281)	($259)	($182)	($173)	($173)	($226)	($209)	($194)	($181)	($174)	($171)	($164)	($155)	($108)	($172)
Total operating expenses	($885)	($783)	($682)	($624)	($670)	($632)	($646)	($590)	($578)	($538)	($493)	($458)	($527)	($386)	($197)	($269)	($347)	($74)	($250)	($231)	($218)	($191)	($157)	($201)	($179)	($164)	($303)	($220)	($267)
Total costs and expenses	($8,691)	($7,882)	($7,282)	($6,727)	($7,057)	($6,489)	($5,934)	($5,911)	($5,947)	($5,512)	($4,996)	($4,992)	($5,150)	($3,183)	($2,406)	($2,346)	($2,250)	($1,795)	($2,119)	($2,023)	($1,961)	($1,878)	($1,750)	($1,639)	($1,591)	($1,536)	($1,577)	($1,136)	($1,462)
Operating income	$1,132	$1,107	$1,101	$1,075	$1,421	$1,241	$724	$1,054	$1,068	$932	$783	$750	$703	$482	$438	$274	$185	$352	$242	$293	$226	$116	$140	$97	$145	$254	$345	$181	$109
Earnings
EBITDA	–	$1,760	$1,627	$1,593	$1,878	$1,659	$1,134	$1,441	$1,479	$1,324	$1,141	$1,106	$1,084	$684	$608	$438	$342	$504	$390	$439	$378	$274	$300	$256	$299	$400	$493	$293	$204
Interest income	–	$27	$23	$2	–	–	–	–	–	–	($95)	–	–	–	–	–	–	$0	$5	$10	–	–	–	–	–	–	–	–	–
Interest expense	($132)	($79)	($41)	($53)	($70)	($152)	($94)	($129)	($95)	($103)	($92)	($86)	($88)	($58)	($63)	($29)	($32)	($36)	($37)	($35)	–	–	–	–	–	–	–	–	–
Pre-tax income	$968	$1,028	$1,064	$1,014	$1,365	$1,109	$633	$917	$970	$829	$688	$664	$614	$424	$375	$245	$153	$317	$210	$268	$195	$88	$111	($25)	$78	$175	$287	$85	$119
Income tax expense	($240)	($254)	($259)	($249)	($335)	($268)	($172)	($221)	($232)	($160)	($239)	($228)	($222)	$18	($214)	($86)	$52	($51)	($75)	($98)	($70)	($35)	($42)	$11	($29)	($68)	($114)	($37)	($48)
Net income	$727	$774	$805	$765	$1,030	$841	$461	$696	$738	$669	$450	$437	$393	$441	$160	$159	$205	$266	$136	$170	$125	$53	$69	($14)	$48	$106	$162	$40	$71
Per share
Diluted EPS (GAAP)	$8.12	$8.58	$8.93	$8.48	$11.03	$8.83	$4.84	$7.34	$7.80	$7.07	$4.75	$4.47	$3.99	$4.52	$1.64	$1.58	$2.00	$2.60	$1.31	$1.61	$1.20	$0.49	$0.64	($0.14)	$0.45	$0.98	$1.33	$0.32	$0.76
Basic EPS (GAAP)	$8.15	$8.61	$8.97	$8.52	$11.08	$8.87	$4.86	$7.36	$7.82	$7.09	$4.76	$4.47	$3.99	$4.57	$1.66	$1.60	$2.02	$2.62	$1.32	$1.63	$1.21	$0.49	$0.65	($0.14)	$0.46	$1.00	$1.37	$0.34	$0.76
Basic shares outstanding	89	89	89	89	92	94	94	94	94	94	94	97	97	97	96	99	102	102	103	104	104	107	106	105	105	106	105	92	95
Margins
Gross margin	20.5%	21.0%	21.3%	21.8%	24.7%	24.2%	20.6%	23.6%	23.5%	22.8%	22.1%	21.0%	21.0%	23.7%	22.3%	20.7%	21.9%	19.9%	20.8%	22.7%	20.3%	15.4%	15.8%	17.2%	18.7%	23.3%	33.7%	30.4%	24.0%
Operating margin	11.5%	12.3%	13.1%	13.8%	16.8%	16.1%	10.9%	15.1%	15.2%	14.5%	13.6%	13.1%	12.0%	13.1%	15.4%	10.5%	7.6%	16.4%	10.2%	12.7%	10.3%	5.8%	7.4%	5.6%	8.4%	14.2%	17.9%	13.7%	7.0%
Net margin	7.4%	8.6%	9.6%	9.8%	12.1%	10.9%	6.9%	10.0%	10.5%	10.4%	7.8%	7.6%	6.7%	12.0%	5.6%	6.1%	8.4%	12.4%	5.7%	7.3%	5.7%	2.6%	3.6%	(0.8%)	2.8%	5.9%	8.4%	3.1%	4.5%

Analyst consensus

Hold26 analysts

Bearish · 2 · Hold · 15 · Bullish · 9

Earnings history

	EPS	Estimate
Q4 2024	$2.47	$2.53	Miss
Q1 2025	$2.31	$2.21	Beat
Q2 2025	$2.48	$2.44	Beat
Q3 2025	$2.73	$2.82	Miss
Q4 2025	$2.32	$2.41	Miss
Q1 2026	$2.40	$2.14	Beat
Q2 2026	$2.35	$2.31	Beat
Q3 2026	$3.04	$2.93	Beat

Peers

Company overview

IPO dateJan 28, 2000

CEOMark W. Kowlzan

Employees16,800

SectorConsumer Cyclical

IndustryPackaging & Containers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.packagingcorp.com

Packaging Corporation of America (PCA) is a U.S.-based enterprise specializing in the production and sale of containerboard and corrugated packaging materials. Its operations are organized into two primary divisions: Packaging and Paper. The Packaging division offers an extensive array of containerboard and corrugated solutions. These encompass conventional shipping containers designed for safeguarding and transporting manufactured goods, vibrant multi-color boxes and point-of-sale displays aimed at enhancing product merchandising in retail environments, and honeycomb protective packaging. This segment also provides specialized packaging for perishable goods like meat and fresh produce, processed foods, beverages, and a broad spectrum of other industrial and consumer products. Its corrugated offerings reach customers through a multi-channel approach, utilizing a dedicated direct sales and marketing team, independent brokers, and various distribution partners. Meanwhile, the Paper segment focuses on manufacturing and distributing a range of commodity and specialty papers. This includes communication papers, such as standard cut-size office paper, along with specialized printing and converting papers. Sales of its white paper products are managed directly by its internal sales and marketing organization. Tracing its origins back to 1867, Packaging Corporation of America maintains its corporate headquarters in Lake Forest, Illinois.

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